Banks in India|Bank Jobs|Bank Recruitment|Banking News,Information & Articles|Banking in India|Bank Loan|Bank Employment|Bank Interest Rate-BankingOnly.com
      Recent News :
Govt & RBI Policy : :

Reserve Bank of India looking into cryptocurrencies, 'not comfortable' with bitcoin

By:  GK Gupta , Place:  Navi Mumbai ,  Update:20 Sep 2017
  Reserve bank Of India
Mumbai: The Reserve Bank of India (RBI) has a group looking into cryptocurrencies as legal tender, a senior official said on Wednesday, but emphasised the central bank’s discomfort with bitcoin which has recently come “Fiat will be when the Reserve Bank, for example, starts issuing digital currency which you can carry in cyberspace, you don’t have physical currency in your pocket,” Sudarshan Sen, an RBI executive director, said at a FinTech conference in Mumbai.

“As regards non-fiat cryptocurrencies, I think, we are not comfortable with them,” Sen added.

Mumbai: The Reserve Bank of India (RBI) has a group looking into cryptocurrencies as legal tender, a senior official said on Wednesday, but emphasised the central bank’s discomfort with bitcoin which has recently come “Fiat will be when the Reserve Bank, for example, starts issuing digital currency which you can carry in cyberspace, you don’t have physical currency in your pocket,” Sudarshan Sen, an RBI executive director, said at a FinTech conference in Mumbai.

“As regards non-fiat cryptocurrencies, I think, we are not comfortable with them,” Sen added.


The central bank had not previously disclosed its plans on cryptocurrencies and Sen did not provide any details on where discussions on the issue stand.under intense global regulatory scrutiny.

 It was unclear whether the group at the RBI plan to issue a recommendation on cryptocurrencies to the government, or if the review is at an early or advanced stage.

Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services by-passing banks and the mainstream financial system.

Bitcoin slid 6.6 percent on Friday, after reports that China was about to shut down local crypto-currency exchanges. On Tuesday, Britain’s Financial Conduct Authority (FCA) warned that initial coin offerings (ICOs), the practice of creating and selling digital currencies to finance start-up projects, are “very high risk” and speculative.

Jamie Dimon, chief executive of JPMorgan Chase & Co, also came out strongly against bitcoin this week dubbing it a “fraud”, and adding that it will blow up. The virtual currency, not backed by any government, has more than quadrupled in value since December to more than $4,100.


 
 
 
 Related News
Govt will help strengthen the banking system, says Jaitley  (23 Sep 2017)
RBI Likely To Hold Policy Rate Till Fiscal Year-End: Kotak Institutional Equitie ..  (23 Sep 2017)
Reserve Bank of India looking into cryptocurrencies, 'not comfortable' with bitc ..  (20 Sep 2017)
RBI adds HDFC among banks too big to fail with SBI, ICICI  (19 Sep 2017)
Bulls roar on Dalal Street: 5 factors fuelling this rally  (18 Sep 2017)
 Most Popular News
Bank Jobs : Apply Date and Recruitment Test Exams in 2014-2015 (02 Aug 2015)
Bank Branch ATM Space Required by banks in India: View and Apply (07 Aug 2014)
Bank Probationary Officer (PO) Starting Salary, Perk and facilities in India (02 Apr 2015)
Gratuity hike effective from 24.05.2010 : Gazette Notification (31 May 2010)
Clerical Cadre Common Written Exam, CWE 2011-2012 IBPS Notification: Online Appl .. (22 Aug 2011)
0 Recent Comments
 
0 More Comments
 
 
 
 
Comment
   
Your Name :
Email :
Comment :
 
click for new code
Security Code :
 
   
 
News Category
SubScribe